Shopify (NYSE:SHOP) Given “Neutral” Rating at Cantor Fitzgerald

Cantor Fitzgerald restated their neutral rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report sent to investors on Wednesday,Benzinga reports. They currently have a $91.00 price objective on the software maker’s stock.

A number of other equities research analysts also recently weighed in on SHOP. Truist Financial lowered their target price on Shopify from $120.00 to $100.00 and set a “hold” rating for the company in a report on Tuesday, May 6th. Wells Fargo & Company lifted their target price on Shopify from $107.00 to $125.00 and gave the stock an “overweight” rating in a report on Friday, June 6th. Evercore ISI lifted their target price on Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Barclays reduced their price objective on Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a research note on Friday, May 9th. Finally, Loop Capital reduced their price objective on Shopify from $150.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. One investment analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.39.

Shopify Stock Performance

Shares of SHOP stock opened at $114.13 on Wednesday. The company has a market cap of $147.78 billion, a P/E ratio of 73.63, a PEG ratio of 4.82 and a beta of 2.63. The stock has a 50 day simple moving average of $97.46 and a two-hundred day simple moving average of $105.15. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Cim LLC boosted its position in Shopify by 1.3% in the first quarter. Cim LLC now owns 12,512 shares of the software maker’s stock worth $1,194,000 after purchasing an additional 160 shares during the last quarter. Modern Wealth Management LLC raised its stake in shares of Shopify by 14.2% in the first quarter. Modern Wealth Management LLC now owns 2,743 shares of the software maker’s stock valued at $262,000 after buying an additional 342 shares during the period. Anson Funds Management LP bought a new stake in shares of Shopify in the first quarter valued at $955,000. Anderson Financial Strategies LLC bought a new stake in shares of Shopify in the first quarter valued at $267,000. Finally, Strs Ohio bought a new stake in shares of Shopify in the first quarter valued at $30,577,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.